Median Price of S.C. homes up 7.5% in February

Residential home sales and prices continued to rise in South Carolina during February, according to a monthly report from the S.C. Association of Realtors.

In February, 5,096 homes sold across the state at a median price of $180,000, which is a 1.9% increase in sales and a 7.5% increase in price from February 2016, the report said.

The Hilton Head area report the highest median price at $280,000, while Southern Midlands saw the lowest at $51,000, according to the report.

The number of new listings in the state rose 6.9% to 9,815 in February compared to February 2016, and the inventory of homes for sale declined 6.3% to 32,129 last month. That leaves a 4.8-month supply of inventory, the report said.

“A projected increase in interest rates coupled with continued inventory shortage could result in higher prices, thus impacting affordability in some areas,” association CEO Nick Kremydas said in the report.

Homes stayed on the market an average of 102 days, which is down from 110 in February 2016. Homes sold the fastest at 68 days in the Greater Greenville area and the slowest at 255 days in Southern Midlands, the report said.